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TOPIC: Debtors/Creditors not matching G/L in MYOB

Debtors/Creditors not matching G/L in MYOB 13 years 1 month ago #263

  • steph
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If you check you payables and/or receivables reconciliation report and notice an "out of balance" amount - what do you do?? No don't curl up in a ball and cry, it isn't that bad..really!!

First find out when the account started to be out of balance, just enter different dates in your reconciliation summary until you get back to a "zero" out of balance. You will then know what period to look in.

You can check through your General Ledger on the day and see if there is anything obvious that can be causing the problem (like a spend money or receive money transaction or a General Ledger transaction).

If you don't see anything obvious, it is time to look a little further. Often the culprit is a prepaid transaction - where a payment date is recorded prior to the invoice date. You can check these by going to the Account Reports, and checking out the "Prepaid Transactions" in the Exceptions reports (search for the period when the problem first started). So what do you do to fix it?? Well, once the payment date has been reached, the General Ledger will balance again all by iteself. However if it is the end of the financial year or even the end of quarter you might want to do an adjustment to make the correction. Maybe consider changing the invoice date (but only if you haven't done any reporting for that period). Or ask your accountant or bookkeeper about how to prepare a journal to fix it.

Another common problem is "Finance Charges". A fairly common data entry mistake is to enter a creditor or customer payment without allocating it to any transactions - MYOB will allocate the payment instead to "finance charges". This can be further exasperated when someone realises the mistake and deletes the payment - not realising that these types of payments create two transactions. It is the second "finance charge" transaction that often gets left behind and causes your trade creditors or trade debtors to be out of balance. Check your linked accounts, find where these charges are going and do a search to see if anything transactions matches your imbalance.

If all else fails, remember another set of eyes can be a real help at times!!
Stephanie Lee
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Professional bookkeeping and administration Services"
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